Cash out refi scenario HELP

[Tom Kaz]

Hey BP,

So let me give you the run down, I currently have a HELOC pulled on my primary mortgage for about 74k (total credit line of 80k) in which I used to purchase my second 4-plex 6 months ago. I close at the end of the month on my BRRRR cash-out-refi of the 4-plex which came out great. I'm basically getting all my money out of it to pay the HELOC off but ran into some issues with ratios because of my wife's student loans so a portion of the cash out needs to be allocated to pay off one of her loans which is fine by me!

I have a ton of equity in my primary home so my lender figured we could to a cash out on that as well to pay off the HELOC, her loans and I would be back to square one in regards to being able to have funds for another down-payment. Unfortunately, I had no clue the HELOC had to be closed with the cash out and then re-opened.

My current HELOC line is at 80k with a 10 year draw and 20-year repayment. If I were to close the line and "re-open" one, it would be a line for 40-45k with a 5yr draw and 10-year repayment. Basic Prime+1 rates (my current HELOC is actually at 3.6% because of the current rates!)

With that being said I wanted to push for options to try and keep my current line open but it seems there is no way around it due to the CLTV. So now if I want to keep my current HELOC open, I will need to just do the cash out refi on my investment BRRRR 4-plex and pay down her student loan for the ratios to work and at the end of this all I would be getting a check for 30k to apply towards my current HELOC which would bring the available credit to about 35k.

While this was all going on I had been searching for my next 4-plex deal which I have found but will be about 20-25k short either way I go with the cash outs (60k needed for a 25% down payment). My question to all the pros out there is what would you do if you were in my shoes? Have everything paid off with 2-cash out refis and re-open a line for 45k with the weaker terms? Or just do the cash out on my investment 4-plex and keep my larger HELOC line open while paying it down ASAP. I should be able to have purchasing power within the next 12 months as I will be throwing all the cash-flow from my two owned 4-plex buildings at the HELOC principle.

Thank you in advance BP, if any more information is needed let me know! So glad I joined this community of savvy investors!